Many of the voters who voted for Brexit “felt abandoned and unheard in an increasingly unequal Britain marked by vast wealth in parts of south-east England and austerity and post-industrial abandonment elsewhere. Income levels in London have risen by a third since the financial crash–but have dropped by 14% in Yorkshire and Humberside.” Their concerns are real, but “all the major parties have, in different ways, let the country down on Brexit,” making a second referendum essential.

The drop in oil prices is hitting Venezuela, Russia and Iran hard. These “three troublesome nations” rely on energy exports for 68-95% of their external revenue. Venezuela now “appears on the edge of a political chasm. Putin will try to fend off domestic upheaval with more foreign aggression. And Iran will make a fateful choice between forging a lifeline to the United States and Europe and consciously embracing isolation and harsh austerity.”

“US claims that Germany’s external surpluses are hindering global recovery are inaccurate and unjustified…. The complex reality is that Germany’s relative export success is not built on beggar-thy-neighbour policies or on the imposition of unnecessary austerity on its neighbours. It is founded domestically on higher productivity, better investment and substantial labour market reforms.”

“Some kinds of public investment bring very high returns for the rest of the economy–such as spending on basic scientific research or fixing infrastructure bottlenecks–and they are under grave threat from today’s swingeing spending cuts in the US.” Austerity is reigning in public sector capital investment, which “has dropped to just 3.6 per cent of US output compared with a postwar average of 5 per cent.”

“The lesson that should be learned from Greece is that its fiscal mess has been made far worse by severe budget cuts.” Data released on Monday shows that the EU “countries that have most ruthlessly cut their budgets — Greece, especially — have seen their overall debt loads increase as a share of the economy.”

Finally, the “leaders of the Group of 20 top economies managed to say some of the right things…. The question now is whether these words will ever translate into effective action. If the past two years of the euro crisis is any guide, the likely answer is no.” The Times places much of the blame with Germany’s Chancellor Angela Merkel for a “relentless insistence on self-defeating austerity and piecemeal rescue plans.”

Finally, the “leaders of the Group of 20 top economies managed to say some of the right things…. The question now is whether these words will ever translate into effective action. If the past two years of the euro crisis is any guide, the likely answer is no.” The Times places much of the blame with Germany’s Chancellor Angela Merkel for a “relentless insistence on self-defeating austerity and piecemeal rescue plans.”

“Bailouts—this one is worth up to $125 billion—are supposed to help restore investor confidence. But investors have clearly figured out what too many European politicians are still denying: serial bailouts, piecemeal plans and one-size-fits-all austerity are not a solution.” The Spanish bailout did not calm anybody’s nerves. The next flashpoint lies just days away with the upcoming Greek election. “With every stopgap solution to the euro-zone debt crisis, the gaps have gotten larger and the stops have gotten shorter.”

“Bailouts—this one is worth up to $125 billion—are supposed to help restore investor confidence. But investors have clearly figured out what too many European politicians are still denying: serial bailouts, piecemeal plans and one-size-fits-all austerity are not a solution.” The Spanish bailout did not calm anybody’s nerves. The next flashpoint lies just days away with the upcoming Greek election. “With every stopgap solution to the euro-zone debt crisis, the gaps have gotten larger and the stops have gotten shorter.”

Stirring both celebration and reflection, Queen Elizabeth’s reign marked 60 years. “Monarchy may seem an outdated concept in a modern democratic age. But the enthusiasm spilling out on to Britain’s streets as the public celebrates Queen Elizabeth’s diamond jubilee shows that it can still command widespread respect and affection.” About 80% of Brits support the monarchy, and the Queen’s popularity is even higher. At her coronation, “Britain was in the grip of austerity. The occasion brought a flash of welcome pageantry to the everyday grimness. Today Britain is again facing hard times. This weekend offers another chance to forget the everyday but also to celebrate a monarch who has helped the UK stay a steady course.”Stirring both celebration and reflection, Queen Elizabeth’s reign marked 60 years. “Monarchy may seem an outdated concept in a modern democratic age. But the enthusiasm spilling out on to Britain’s streets as the public celebrates Queen Elizabeth’s diamond jubilee shows that it can still command widespread respect and affection.” About 80% of Brits support the monarchy, and the Queen’s popularity is even higher. At her coronation, “Britain was in the grip of austerity. The occasion brought a flash of welcome pageantry to the everyday grimness. Today Britain is again facing hard times. This weekend offers another chance to forget the everyday but also to celebrate a monarch who has helped the UK stay a steady course.”

The Spanish people were willing to suffer austerity when Prime Minister Mariano Rajoy “sent the people of Spain a message of hope for the future.” Now the hope is gone and “Mr Rajoy finds himself in an impossible situation. For all the talk of European solidarity, the EU has insisted that his deficit-reduction plan should proceed at an excessive pace. This was bound to trigger a popular backlash.” A similar backlash is rising up in Italy and the Netherlands. “Citizens may have been favourable to their initial message of austerity for a higher cause, but they will not tolerate being led into a dead-end.”

Just when “the economy needs more spending,” everyone is focused on the debt limit and spending cuts. “The premature budget tightening of 1937… reignited the Depression,” and increasingly we look posed to make the same mistakes. The Times does not argue for unlimited spending. “Budget cuts are unavoidable — but they are not urgent. With the economy weak and interest rates low, austerity makes no sense.”